CN GREEN ELECTRICITY(000537) 中国银河·2024-10-30 23:30Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company reported a revenue of 2.924 billion yuan for the first three quarters of 2024, a year-on-year increase of 3.35%, and a net profit attributable to shareholders of 916 million yuan, which is a 13.31% increase year-on-year [2]. - In Q3 2024, the company achieved a revenue of 1.119 billion yuan, a year-on-year increase of 22.78%, and a net profit of 451 million yuan, reflecting a significant year-on-year increase of 77.98% [2]. - The growth in power generation in Q3 2024 was driven by the commissioning of new photovoltaic projects in Xinjiang, with total power generation reaching 31.4 billion kWh, a 39.68% increase year-on-year [2][3]. - The average on-grid electricity price for the company's renewable energy in Q3 2024 was 0.356 yuan per kWh, a decrease of 12% year-on-year, while the cost per kWh decreased by 26% to 0.135 yuan [3]. - The company has made significant progress in its ongoing projects, with a total installed capacity of 12.0065 million kW in operation and 21.1865 million kW under construction as of June 30, 2024 [3]. Financial Forecasts - The company is expected to achieve net profits of 1.045 billion yuan, 1.451 billion yuan, and 1.974 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 18.35x, 13.21x, and 9.71x [4]. - Revenue projections for the years 2024 to 2026 are 4.235 billion yuan, 6.192 billion yuan, and 8.194 billion yuan, with growth rates of 14.74%, 46.23%, and 32.33% respectively [4][11].